Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Investor Investigation Concerning Potential Securities Laws Violations Announced

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Company Name(s): 
Arena Pharmaceuticals
Affected Securities: 

October 26, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares over potential securities laws violations by Arena Pharmaceuticals and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) concerning whether a series of statements by Arena Pharmaceuticals regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Arena Pharmaceuticals, Inc. reported that its annual Total Revenue declined from $81.39 million in 2013 to $36.97 million in 2014 and that its Net Loss increased from $19.43 million in 2013 to $60.51 million in 2014.

Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA

On August 5, 2015, Arena Pharmaceuticals, Inc reported its second quarter 2015 financial results and provided a corporate update. Arena Pharmaceuticals, Inc reported that its second quarter Total Revenue declined from $12.80 million in 2014 to $9.18 million in 2015 ad that its second quarter 2014 Net income of $7.48 million declined to a second quarter 2015 Net Loss of $26.81 million.

Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) declined from $5.43 per share in early 2015 to as low as $1.73 per share on October 2, 2015.

On October. 5, 2015, Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) announced that, at the request of the Board of Directors, Jack Lief, Arena Pharmaceuticals’ President and Chief Executive Officer, has retired from the company, including its Board of Directors. Arena Pharmaceuticals, Inc. also reported that it is conducting an ongoing evaluation of its programs and operations, and intends to provide details regarding its 2016 financial plan later this year.